ED Fines DMK MP Jagathrakshakan Rs 908 Crore

The Enforcement Directorate (ED) has imposed a staggering Rs 908 crore penalty on DMK MP S Jagathrakshakan for violating the Foreign Exchange Management Act (FEMA). This penalty follows an investigation that revealed his involvement in the acquisition and transfer of shares in a Singapore company, M/s Silver Park International Pte. Ltd., without the necessary Reserve Bank of India approval. Additionally, properties worth Rs 89.19 crore were seized as part of the investigation, which also uncovered Rs 20 crore in unaccounted cash at Jagathrakshakan's premises. The ED's findings indicated that Jagathrakshakan and his son participated in suspicious financial activities involving foreign investments and transfers between family members, which contravened FEMA regulations. The case has drawn attention to potential violations of foreign exchange rules by prominent political figures in India.